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business Thursday 17 March 2022

How home improvement funds upgrade your new house to a home

By ANNIE MILLERBERND of they're often funded within
NerdWallet a couple of days after ap-
If you're preparing to buy proval. Rates are between
a home, you've probably 6% and 36%, which Miller
been saving up for the says are high compared
down payment and other with equity financing but
closing costs. But if that may be lower than a regu-
nest egg can only get you lar credit card.
through the front door, it A zero-interest credit card
may not be enough. offers free financing if you
Once you own the home, can pay it off within the
you also own its peeling typical 15- to 18-month
wallpaper, aging water promotional period. If not,
heater and the carpet on you'll pay the card's regular
which past owners' pets rate once the promotion
have traipsed. A home ends.
improvement fund can Borrowers with high credit
help ensure your newly scores usually qualify, but
purchased house is a well- Miller says a recent home
functioning, comfortable purchase could drive up
home. your rate.
Here's why home improve- "If you just took on a mort-
ment savings are a home- A workman measures uses a rafter to mark a beam for trimming at a new housing site in Madison gage, your credit report
buyer must-have and how County, Miss., Tuesday, March 16, 2021. shows that you're in the
to build yours. Associated Press most debt of your life, so
REPAIRS AND UPDATES ARE you're not going to get the
INEVITABLE tween a buyer who's asking "I rarely talk to a client who, ranty. These can include best interest rate," he says.
A home inspection identi- for extra money and one in their first year of hom- problems found in the in- Even if you're in a hurry, it
fies repairs the house needs who isn't, Lefmann says, eownership, hasn't had a spection and incorrectly pays to compare financing
now or eventually, giving "the seller is obviously going big unexpected repair or installed items. options to find the least ex-
some indication of the ex- to pick an offer where the replacement," Miller says. CHEAP FINANCING OP- pensive one.
penses you could be taking buyer has made significant Raquel Obumba, man- TIONS ARE LIMITED WORK EXPENSES INTO YOUR
on. concessions." aging broker at Millennial The early months of hom- PLAN
If the inspection finds signifi- Even if the inspection is rel- Properties Realty in Atlanta eownership aren't the best Here's how to plan for home
cant issues, your real estate atively clean, surprises can , recommends first-time time to finance a repair, improvement expenses be-
agent may recommend still surface. buyers opt for a one-year Miller says. fore and after you buy.
asking the seller to pay. But Ethan Miller bought a home home warranty. For an an- New homeowners may SET A BUDGET: Decide your
in locations where housing in Silver Spring, Maryland, nual fee, plus a service fee not have enough equity to budget for updates before
inventory is tight and sellers in early 2021. His home in- for each repair, a warranty borrow against, taking low- you start home shopping,
have the advantage, buy- spection was done during covers appliances and sys- interest home equity loans Miller says, and share your
ers will likely need to cover the winter, so the air condi- tems that homeowners in- and lines of credit off the limit with your realtor. That
those costs, says Bryson Lef- tioner wasn't tested. On the surance may not. table, Miller says. Without way, if you get excited
mann, a real estate agent first warm day of the year, She also recommends ho- them, inexpensive financ- about a house that needs
based in Richmond, Virgin- the certified financial plan- meowners have savings for ing options are limited. a lot of work, the agent
ia. ner discovered he needed surprises that aren't cov- Personal loans can help in can remind you of your
If the seller can choose be- to replace it. ered under a home war- an emergency because budget.q

Lyft details fuel surcharge to help offset rising gas prices

By MICHELLE CHAPMAN cable in New York City due ing gas prices, listening to
AP Business Writer to a recent 5.3% increase how drivers are being im-
Lyft will add a fuel sur- in the minimum earnings pacted, and finding ways
charge of 55 cents to each standard for drivers there. to support them as things
ride given by drivers to off- The company is also work- evolve," the San Francisco
set surging gasoline prices. ing to have the surcharge company said.
The company said earlier implemented in Nevada, DoorDash said Tuesday
this week that it would be but said the state's regula- that it will give drivers 10%
following DoorDash and tory requirements prevent cash back when they buy
Uber who also announced an immediate rollout there. gas using DasherDirect,
surcharges this week, and Lyft drivers can also apply the company's debit card
on Wednesday it released for a Lyft Direct debit card designed for drivers. The
details of its plan. to get an increased 4% to company said it will also
The company said in a blog 5% cash back on gas pur- start paying weekly bonus- In this April 30, 2020, file photo, Kia Neros that are part of the Lyft
post that the surcharge will chases through June 30. es for drivers who drive the ride-hailing fleet sit unused in a lot near Empower Field at Mile
be effective beginning next Lyft also has a partnership most miles. And Uber an- High in Denver.
week, with all of the money with GetUpside that was nounced that it would start Associated Press
going directly to its drivers. announced in January that charging customers a fuel
The measure will remain in can help most of its drivers fee to offset higher costs for the Ukraine has helped to oline rose 79 cents over the
place for at least the next get cash back on gas pur- its delivery and ride-hailing push gas prices higher in past two weeks to a record-
60 days, Lyft said. chases. drivers. the U.S. The average U.S. setting $4.43 per gallon (3.8
The surcharge is not appli- "We'll continue monitor- Russia's intensifying war in price of regular-grade gas- liters).q